Serbinski Accounting Firms

Understood, thanks Nelsona. We always appreciate your work here!

After doing some research, my understanding regarding inheriting an equities portfolio is they're considered sold at date of death creating a new cost basis and any profit above that upon a sale is taxable.

My wife (resident of Canada) will be receiving a substantial portfolio in stocks and bonds from her US citizen mother. Half are in an IRA, the other half are in a family trust.

Will there be Canadian tax on her inheritance-- i.e., considered a deemed disposition?

If so, would same apply if ...

Thx Nelsona, very much appreciate your work here.

Thx Nelsona, very much appreciate your work here.

Dual citizen, resident Canada. Looking ahead, if I had a one-million dollar cap gain (long term) in Canada and pay roughly 27% tax here, would there be any tax owed in the U.S.?

Have you seen any cross-border sites that argue against TFSA being a trust? Among other points:

"While a traditional trust involves a trustee who holds legal title to assets and manages them on behalf of beneficiaries, the financial institution administering a TFSA does not "hold title" to the ...

Understood. Was hoping for a "yes" or a "no" answer but this'll do!

I'm a dual US/CDN expat wondering if I cash out an investment and pay cap gains tax on a 300k usd windfall (not real estate) in Canada, would there be any tax owing in the US b/c as a married person I'm above the FEIE?

This is very helpful. Much appreciated, Nelsona! Thanks for your service to this board.

Thanks. I was told by a woman who works at a SS office in Bellingham, WA., that the rule applied even after reaching full retirement age. I figured she knew what she was talking about b/c it's so close to the Canadian border. Wow, someone needs to better train their workers...

1823.3Are benefits ...

Having a hard time getting a straight answer on this question: if I'm over 65, start collecting SS while residing in Canada and want to work-- I was told there's a rule that applies to expats that if they work over 45 hours <even after hitting full retirement age> there's a penalty similar to WEP ...

Ok, thx for your input!

It says so on the link as well.

"The spouse of an individual who files an FBAR is not required to file a separate FBAR if the following conditions are met: (1) ALL the financial accounts that the non-filing spouse is required to report are JOINTLY OWNED with the filing spouse.

If she has a few ...

As a non-rsident expat, I file FBAR's regularly. I always report every joint account with my wife on my form. I've only reported her separate accounts on her form. I just found out this is incorrect-- I should have been reporting the every joint account she shares with me on her form. Double ...

Thanks Nelsona. Your efforts here are really appreciated.